Papua LNG project to inject billions to Papua New Guinea’s economy, Prime Minister Marape welcomes Fortescue Future Industries representative to Port Moresby and the Pacific Marine Industrial Zone Project (PMIZ) will be rebranded. The business news you can’t miss.

The Antelope gas field in Gulf Province, part of the Papua LNG project.

Green energy

Fortescue Future Industries (FFI) is gearing up to start green energy projects in PNG. This week, Allard M Nooy, President of FFI South-East-Asia-Pacific, met with Prime Minister Marape in Port Moresby to connect the company with the state negotiating team so that they can get a first project off the ground. Marape said: ‘We are rightly placed to advocate for green energy. That is our competitive advantage.’ (Post-Courier)

Technology

ICT Minister Timothy Masiu has announced that the process of going to tender for ‘Government Leased Cloud Infrastructure’ has begun. Within one year of the infrastructure’s implementation, ‘all public bodies are required to migrate and operate all databases and digital services’ onto the infrastructure, he said, as per the Digital Government Act which came into force on 8 August. (Dept of ICT)

Ports

Kimbe Chief is the latest cargo vessel to join Consort Express Lines’ fleet. The 90-metre long vessel will service the weekly Lae–Kimbe–Lae–Niugini Islands route. (Post-Courier)

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PNG Ports is ready for the arrival of the K2.2 million customised pilot boat, which will be named Paga, after Paga Hill. It’ll become the third pilot boat for PNG Ports. ‘PNG Ports will undergo a billion kina infrastructural development, including the re-fleet of pilot boats and rehabilitation of the ports,’ CEO of PNG Ports, Fego Kiniafa said. (Post-Courier)

Fisheries

As part of the National Fisheries Authority (NFA) restructure reforms, the Pacific Marine Industrial Zone Project (PMIZ) will be rebranded.

‘PMIZ will sit under a new company call the Fisheries Capital Limited that we have registered and it is through that company that we will go into the commercial space and that company will basically be the investment vehicle for the government,’ reportedly said NFA’s Managing Director, Justin Ilakini. (Post-Courier)

Resources

Fifty to 55 per cent of the value of the Papua LNG project is what the PNG Government is set to receive over the life of the project – that is about K86 billion, according to TotalEnergies PNG Managing Director Jean-Marc Noiray, during the induction program for Members of Parliament last week.

He said half of monies ‘is direct from what the developer will pay in terms of income tax, then we have other direct taxes that will be paid: the workforce, for example, which we reckon is US$3 billion (or about K10 billion).’ (The National)

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Last week, the Chief Executive Officer of Twinza Oil, Robert Gard, said that the company is awaiting finalisation and signing of the gas agreement and approval of the petroleum development license for the Pasca A offshore has project in Gulf. ‘We are ready to proceed with front-end engineering and design (FEED) and project financing agreements.’ (The National)

Travel

After closing on 8 July due to vandalism acts on the airport runway, the Wapenamanda Airport in Enga has resumed operations. (The National)

National

The National Gaming Control Board (NGCB) has said the social media posts about the Board’s intentions to shut down all Pacific Racing Betting Shops are false. NGBC’s Chief Executive Officer, Imelda Agon, reportedly said this was an ‘ill intent to tarnish the reputation of the NGCB’. She also said that all Pacific Racing Shop licenses are current and in operation. (Post-Courier)

Photograph of the week

Australian Foreign Affairs Minister Penny Wong and her delegation travelled to PNG to meet re-elected Prime Minister Marape this week.

‘Welcome to Port Moresby and I look forward to seeing you on many more visits in the future,’ Marape said in a statement. He also said that it was time to ‘diversify the relations to a more business and commercial one.’

Minister Wong recognised the Marape Government’s ‘strong desire to strengthen PNG’s economy’ and affirmed Australian support to different programs. (Office of the Prime Minister)